Morning Heating Oil Market Report

July heating oil prices were the early leader in the crude oil complex this morning. Some of the early support could be coming from relative strength in Brent crude oil, as well as private industry data late Tuesday that showed a distillate build that was slightly smaller than expected. There is some concern in the market that the US inventory situation could be in the early stage of rebalancing, which would seem to favor further build in distillate supplies in coming weeks.